Victor Dodig will step into the role of president and CEO of the Toronto-based Canadian Imperial Bank of Commerce (CIBC) in September, the bank’s board of directors announced on Thursday.

Dodig is currently vice-president, CIBC and group head, wealth management. As the head of wealth management, Dodig is responsible for CIBC Wood Gundy, CIBC Investor’s Edge, CIBC Private Wealth Management, Atlantic Trust, and CIBC Asset Management, which includes CIBC’s mutual fund company and investment management activities in Canada and the U.S.

“[Victor Dodig] has a deep understanding of CIBC’s strategy, culture and opportunities, and has demonstrated his ability to complement CIBC’s organic growth plan with acquisitions and investments that align to the bank’s risk profile,” said Charles Sirois, chairman of the board, in a statement. “Victor is attuned to the continuing evolution of the financial services space and is well positioned to execute a vision that will see the bank build on its current successes. “

Dodig also has wide-ranging experience in retail banking. He began his career working in CIBC’s branch system as a customer service representative while attending university, and later rose through increasing levels of responsibility at CIBC to lead CIBC’s retail banking distribution and sales team from 2007 to 2011.

As well, Dodig has worked as managing director and chief executive officer in Canada for UBS Global Asset Management and as managing director in Canada, the US and the UK for Merrill Lynch and Company.

Dodig succeeds Gerry McCaughey, who will retire as of September 15, 2014.